Nifty Intraday Pivot Points

[4xpipcounter]

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The accompanied chart is a brief summary of what was already forecasted and what happened today. I mentioned the strong R, in using the analogy of walking in snow as opposed to dry land.I said this week's peak might be the WR2 at 5493.
A look at the chart shows how price action wanted to take off but all that R was in the way.
The nice thing is the cloud has been touched and even slightly penetrated. Today's peak was 5494, one point above my WR2. Because of that strong move, it produced some high volatility. Anytime that, in this case WR2 is hit without a correction at WR1, that is what I call a continuation pattern, and invariably, there is a move back to the WR1. Also the cloud was hit for the first time, so it is also strong R. The tenken and kijun are also strong R, as we are still awaiting the close above it.
I did say the WR2 would act as possible containment for this market this week. With it being hit the first day and with the weekly cloud acting as strong support, there is now some conjecture. We need a close for the week above 5272 in order for the interim bullish bias to remain. It will help to further confirm the bias by getting a close on this chart above 5377, which is the tenken, and then the cloud, currently at 5450. From there, it should be a strong move towards 5687, and the suspense is over.
A further downside move towards the WS1 at 5236 cannot be ruled out.

 

[tradetogain]

The predicted sideways motion of the market has happened. This market is now getting the squeeze put on it. The market is beginning the week near the top of the weekly cloud at 5272, and the upwards correction has not been concluded. Therefore, it would seem to be easy, It now goes flying up to the 5687 corrective target, and then back in the DOWN towards 4900 and below. Wrong!
This is because there is tremendous R the market still has to battle through, and momentum on the lower TF's is still against it. The weekly show a clear path to 5687. The daily does too, but it is trying to regain momentum. The 4-hour still has the tenken at 5377 to deal with, and then the bottom of the cloud, currently at 5488 to deal with. Once we get the candle to finish above that point, the move to 5687 could go fast. There is room for a spike into the cloud, so containment on the downside should be the WS1 at 5237, and the upside should be the cluster event between the 4-hour cloud and the WR2 at 5493.

hi 4xp,
i read ur posts with awe.ur fluency and clarity of thoughts r just grt.
ur forecastings and ur explanationswill help lot of traders.
pls keep up the grt work.
by the way nifty got resisted at ur cluster around 5493.kudos.
best wishes.

 

[4xpipcounter]

I cooked up some monthlies fresh off of 4x's stove, and they are piping hot:

6227, 5877, 5661, 5243, 5032, 4682

Notice how close the MR1 is to out 5687 level. All them more, that is the level to keep your eye on.
The MS2 is at the bottom of the weekly cloud. Those are some strong confluences.
My S&R's, BTW, have nothing to do with chart levels, but have everything to do with my mathematical formula. So, it is not by coincidence they match up so nicely with the ichimoku levels.

 

[4xpipcounter]

Thanks tradetogain. I'm glad you are enjoying it. I love and have a great passion for charts, indicators, and mathematics. I have 7 trades up, as I only trade forex. 6 of them are doing well, and will be up for awhile longer, so my screen time is just spent in exercising myself in markets I don't trade in order to further perfect my methodology, help myself, and in turn, be of benefit to others.

When I designed my S&R's, I did not want just a conventional S&R that could give a conceptual idea of where price would reverse or stop at. I wanted them to measure a trend's range, and also help me know that when those levels are going to be hit to be aware of some price action related to that level. My WR1 got ran through without any stopping or adherence. The WR2 was waiting to whistle price action back down the hill.
In essence, if the 1 is violated, be ready to reverse direction at the 2. Nifty has proven that, and is so for any market.

hi 4xp,
i read ur posts with awe.ur fluency and clarity of thoughts r just grt.
ur forecastings and ur explanationswill help lot of traders.
pls keep up the grt work.
by the way nifty got resisted at ur cluster around 5493.kudos.
best wishes.

 

[MurAtt]

Cloudbreak

 

[gauharjk]

Cloudbreak

Which level?

 

[MurAtt]

Cloudbreak at 5488 NF (as per 4p)

 

[4xpipcounter]

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I wanted to post both the daily and 4-hour charts, as it gives a very good pictorial view of what we are talking about. t was kind of like the candles had so many briars and thistles to fight through. You had the tenken, kijun and the bottom of the cloud to fight through on the 4-hour, and the tenken and kijun on the daily.Once all that garbage (The briars and thistles.) got hacked out of the way, price was free to do its own thing. We knew we were going to get this move because of the strong support on the weekly cloud, and the stochastics crossover on OS territory on the weekly. The TF's are agreeing more, which also helps price action.

Next what we can expect to happen is for the flight to continue north, as the top of the cloud will be R at circa 5639 (WR3 is 5634.). Momentum looks strong enough to just carry it on through, after a brief intermission, towards the more solid R at 5687. The trip to 5687 may have to wait until next week, as the WR3's usually marks the end of the trail.

BTW, isn't this so much easier and fun than all the conjecture we read about on the internet? This is happening in this country, economy is falling to pieces over here, oil is shooting up, and so Nifty is going to do.... Wow! All you need is a chart, plot some indicators on the chart, and then map your way to lots of pips / ticks.

Or, in the words of Murtaza, "Cloudbreak". That's all you need to know. We're going higher.

 

[Lalit.Sikaria]

BTW, isn't this so much easier and fun than all the conjecture we read about on the internet? This is happening in this country, economy is falling to pieces over here, oil is shooting up, and so Nifty is going to do.... Wow! All you need is a chart, plot some indicators on the chart, and then map your way to lots of pips / ticks.

Or, in the words of Murtaza, "Cloudbreak". That's all you need to know. We're going higher.

Believe, you wanted to communicate that the markets are to move north now.

 

[4xpipcounter]

Lalit, there is so much I love about trading. Many think you need all the elaborate information and FA knowledge to make a trade. That can be encumbersome when you think how smart someone would have to be just to make a trade.
I think it is neat just to look at a chart and say, "Okay, Nifty is headed to circa 5639, then it will rest for awhile, and then be back on its journey to 5687." And then, you just sit back and watch it happen.
I closed 2 of my positions on the AUD/CHF. All I did was press the "buy" button twice, and then press the "close" button, and then I got over 200 pips, which converts into money. Go figure!

But, yes. Straight north to 5639. Stops off for more gas, and then presses on to 5687.

Believe, you wanted to communicate that the markets are to move north now.